ECO 315 PAST QUESTION PAPER

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1. Why are countries engaged in international trade? Explain five reasons. (10 Marks)

b. What are the five major arguments for free trade? (7.5 Marks)

2. Provide a detailed explanation of the two main classical theories of international trade (10 Marks)

b) Present five assumptions and criticisms of the theory of comparative advantage. (7.5 Marks)